Strong gains for the metals

Whilst equities saw just moderate gains, the precious metals soared, with Gold and Silver closing at the highs of the day, with gains of 2.2% and 4.0% respectively. Despite the strong gains, the metals remain below key resistance, and the price action is very similar to early April...which didn't end well.


GLD,daily

SLV, daily

Summary

The precious metals certainly had one of their best days since the big gap higher on Mon' July 22.

However, the metals are actually STILL below the highs of that day..from almost 3 trading weeks ago. Any of the gold bugs getting hysterical over today's gains, really needs to stare at the above charts for a good 10-20 minutes.





Big trouble...next week?

The price action of the past few weeks looks VERY similar to late March/early April, and I am getting extremely suspicious of a 2-4 day smack down, towards the end of next week.